Name: 企業価値 (Enterprise Value)
Uploaded: 2021-01-14T04:45:08.000Z
Duration: 17 min 29 s
Description: VoiceTubeの動画で発音を聞きながら英語表現を覚えよう！学べる英語：

In the price to earnings conundrum video we encountered

a situation where two different entrepreneurs bought

過去形

an identical asset, in this case it was a pizza parlor or

This guy was a little bit more conservative.

While this guy, he borrowed some money and he even had

For every $1 he put in he borrowed $10 from the bank in

order to buy more assets that he actually

And we saw when you did their financial statements-- their

revenue, cost of goods-- everything up to the operating

And that makes sense because, if you remember the first

introduction to income statement video, operating

profit is really indicative of what the operating assets are

So in this case it's what this purple area right here is

You could also consider that the enterprise.

And everything below the operating line, everything

below the operating profit line, is either coming from

non-operating assets, that would the case of

And the entrepreneur on the right had some of that.

He had some of this non-operating income, $2,000

And then when you have these differences in capital

structure it changes what your net income is.

And they have slightly different net income numbers.

But what we saw is when we applied the same price to

earnings ratio, and they had the same share counts-- I

didn't change too many variables here I just really

But when you apply the same price to earnings ratio to

both earning streams, to both companies, you got something

Because it's not crazy to assign the same price to

And if you try it out, if you grow this guy's revenue a

little bit, if you actually grow both of their revenues by

the same amount or both of their gross profits by the

same amount or if you grow both of their operating

profits by the same amount, you're actually going to see

that this guy's earnings per share is growing faster.

So given that someone might say, oh, because of the

leverage maybe I'm willing to pay even a higher multiple.

So it's not crazy to pay the same multiple for both of

But we saw at the end of the last video, when you apply,

let's say, a 10 multiple, or really any multiple to both of

these earning streams, you get a situation that at first

OK, the market cap of this guy is $210,000 if you apply a 10

multiple to their earnings stream, while the market cap

of this guy is $189,000 if you apply a 10 multiple to their

But what was the conundrum, what really got us thinking,

was how can this whole equity stream right here, or this

equity, or this earnings stream be, worth 210 and this

one be worth 189 when this guy only put $10,000 in initially

And so when you're paying $210,000 for this asset, for

this equity, you are essentially saying that this

But if you're saying that this equity is worth $189,000,

Then you're implicitly saying that this asset, that all of

these assets are worth the value of this market

And then if you wanted the value of this operating asset

you would subtract out this much right here, the cash.

So when you apply the same price to earnings to to these

similar businesses you've actually got a situation where

you're overpaying for this asset relative to this one,

So that left us with a question: what do we do?

What can we use other than a price to earnings ratio?

So the short answer is, one, you do have to

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企業価値 (Enterprise Value)

pay

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want